Yes I do. Nothing good or bad makes it into this regarding Saloro.
Coinflipper / Worknotes this is my basic math and also happy to be edumicated
They started the QTY with cash and receivables of $5m less $23m in trade payables. leaving a $18m deficit
Then they banked $25m from Oaktree before paying 2/3 to Oaktree's guaranteed bank debt. reducing it to a $10m deficit.
That's how they effectively started the Qty that is about to end. Sure would have been good to have held onto that Oaktree cash. Are they now going to get a loan from Oaktree. That did not work out to good for Ormonde shareholders.
Since then production, upgrading that inventory ( ore on the rom pad) to cash has only increased to just over 500t. So revenue will go up by maybe $1.5m
Operating expenses will be interesting given that they have had to deal with the jasper issues, continue to ramp up and could not mine for 2 months. But given the P&L shows they have been losing more than a million a month. I think it very safe to say that it has only added to the deficit.
Then they still have to fund the other current liabilities, Mount Carbine capex program, the report is full spending ,drill program is millions of $$$$ and wolfram mine program. As well as fund Saloro with working capital, operational losses, capex program, XRT sorters are millions of $$$ and servicing the $30+m in debt.
It also very disappointing that the company and the auditor signed off on these accounts without a note providing more detail on the terms of current payables.
Perhaps one or all you could ask the company to update this, given the material nature. As for how they are going to funding the growing deficit, that another great question for the company. I am sure that there phones and emails are running hot.
With a market cap of $100 million, it's hard to justify compared to the 50 odd million of G6M
I think the time for those living in the hope of "IT WILL HAPPEN" to understand what has happened.
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